03 June 16

The chair of the Co-operative Group, Allan Leighton, has confirmed in public the Group's continuing commitment to the bank.

Responding to a question from Save Our Bank's Shaun Fensom at the Co-operative Group's AGM on 21 May, Leighton said that the Group would shortly appoint a director to the bank's board and wasn't interested in the price it would get for its shareholding.

Many thousands of Co-operative Group members (along with members of other co-op societies) who have remained loyal to the bank will be reassured by this sign of a continuing co-operative interest.

01 April 16 from www.theguardian.com

1 April 2016

The Co-op Bank announced its 2015 results today.

The headline is a loss of £610m. A big loss was widely flagged and anticipated. This provides a context for some of the actions by the bank recently.

Many media organisations also picked up on the £3.8m settlement for Chief Executive Niall Booker. This is in fact less than it might have been - in our campaign last year we pointed out it could be as much as £5m.

10 December 15 from www.theguardian.com, www.refuge.org.uk, www.refuge.org.uk, www.co-operativebank.co.uk

10 December - a new research report has been published on financial abuse in intimate relationships, as part of a joint campaign between the Co-operative Bank and Refuge. In the largest study on this area to date, the research found that nearly one in five British adults - 9.2m people - say they have experienced financial abuse in an intimate relationship. The research was reported on in The Guardian.

04 November 15

The wait is over… we are excited to be launching the crowdfunding campaign to set up the Customer Union for Co-op Bank customers today!

We’ve been preparing for this moment for a while, so hopefully you know what this is all about and are itching to get involved already. (If so, go ahead and check out the crowdfunder page here.)

But to sum up the plan - the Customer Union will turn the Save Our Bank campaign into a formally constituted co-operative organisation, owned by its members, to keep up the pressure on the bank and to build a new co-operative shareholding on behalf of all of us. It’s going to be called the Customer Union for Ethical Banking.

03 July 15 from saveourbank.coop, www.livingwage.org.uk

The Co-op Bank has gained Living Wage Accreditation. This fulfils a commitment made at the announcement of the new Ethical Policy in January.

Save Our Bank wholeheartedly welcomes this announcement.

It confirms the steps already taken by the bank to raise pay at the bottom. That's a step towards fairness in a world where inequality is growing.

Of course there are two sides to a fair pay policy and we stand by our call for the chief executive Niall Booker to refuse his bonus. There's no denying the importance however of tackling the lowest levels of pay.

12 June 15

12th June 2015

Last month we wrote an open letter to the Co-op Bank about the excessive pay package the bank’s Chief Executive, Niall Booker, is in line to receive. Save Our Bank supporters also contacted the bank in their hundreds, and the open letter was featured in a Guardian article, raising the pressure on the bank further.

Following a discussion with the bank, they have provided a response to our open letter, which we’ve reproduced in full below. We appreciate the bank responding to our concerns directly.

10 April 15 from gu.com

In his Economics Blog, Guardian economics editor Larry Elliott welcomes the announcement by the Co-operative Group that it made a profit in 2014. He goes on to point out that, with its 20% shareholding the Group has the right to appoint a director to the bank where it might havs some influence over the amount paid to Niall Booker.

Save Our Bank supporters have previously raised the issue of why the Group has not appointed a director. The forthcoming Group AGM might be a good place to do that.

28 March 15 from www.theguardian.com

The Co-op Bank has announced its results for 2014. The bank lost money but much less than in 2013.

The Guardian (see link) focuses on the retention of Niall Booker and the possible pay package and quotes Peter Hunt of Mutuo who calls the package 'unethical'.

The bank gave Save Our Bank this statement:

"In  summary,  the  Bank  is  stronger  than it was a year ago.  In 2014, we
strengthened  our  capital  position  through  the  £400 million of capital
raised  last  May  and  the  £313  million  final  contribution from the Co
operative  Group.   We’ve  also  written  back  some of the previous credit
impairment provisions on Non-core assets and speeded up the deleveraging of
these assets."

 

19 January 15

The Co-op Bank has finally unveiled its new Ethical Policy - and the good news is that, in the words of an old TV ad, there’s “nowt taken out”.

That means as Co-op customers, we can still be sure our money isn’t going into arms for oppressive regimes, companies that abuse labour rights, animal testing of cosmetics, and the various other corporate misdeeds customers have told the bank to say “no” to.

And with a growing global movement to divest from the fossil fuel industry, it means if you bank with the Co-op you can still be sure that your money is not going into oil, gas or coal extraction. There’s no other bank on the high street that can say that.

16 December 14 from www.theguardian.com

The Bank of England announced this morning that The Co-operative Bank had - as expected - failed the most recent round of stress tests. Other banks - RBS and Lloyds scraped through.

In a statement released by the Co-op Bank, CEO Niall Booker said that a revised plan had been accepted by the regulator. The bank further says it has no plans to raise further capital.

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